AbbVie Inc. Forecasted to Earn FY2024 Earnings of $11.21 Per Share (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV - Free Report) - Equities research analysts at Zacks Research raised their FY2024 earnings estimates for shares of AbbVie in a note issued to investors on Tuesday, May 14th. Zacks Research analyst S. Ganoria now expects that the company will post earnings of $11.21 per share for the year, up from their previous forecast of $11.02. The consensus estimate for AbbVie's current full-year earnings is $11.29 per share.

A number of other research analysts have also recently issued reports on ABBV. Barclays decreased their price objective on shares of AbbVie from $195.00 to $187.00 and set an "overweight" rating for the company in a report on Monday, April 29th. Truist Financial boosted their price objective on shares of AbbVie from $180.00 to $195.00 and gave the company a "buy" rating in a report on Tuesday, February 6th. William Blair raised shares of AbbVie from a "market perform" rating to an "outperform" rating in a research note on Monday, January 29th. BMO Capital Markets cut their price target on shares of AbbVie from $195.00 to $180.00 and set an "outperform" rating on the stock in a research note on Monday, April 29th. Finally, Raymond James lifted their price target on shares of AbbVie from $181.00 to $189.00 and gave the company an "outperform" rating in a research note on Monday, February 5th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average target price of $174.31.

AbbVie Trading Up 0.3 %

NYSE ABBV traded up $0.56 during trading on Thursday, reaching $164.35. 4,537,142 shares of the stock traded hands, compared to its average volume of 5,562,631. The firm has a market cap of $290.22 billion, a price-to-earnings ratio of 48.74, a price-to-earnings-growth ratio of 2.04 and a beta of 0.61. The stock's 50-day moving average price is $170.45 and its 200 day moving average price is $162.23. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie has a fifty-two week low of $130.96 and a fifty-two week high of $182.89.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analysts' expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The business's revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.46 earnings per share.

Insider Transactions at AbbVie

In other news, SVP Kevin K. Buckbee sold 5,144 shares of the business's stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $176.65, for a total value of $908,687.60. Following the sale, the senior vice president now owns 6,983 shares of the company's stock, valued at $1,233,546.95. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Kevin K. Buckbee sold 5,144 shares of the business's stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $176.65, for a total transaction of $908,687.60. Following the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at $1,233,546.95. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nicholas Donoghoe sold 21,082 shares of the business's stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the transaction, the executive vice president now owns 55,903 shares in the company, valued at $9,855,698.90. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock valued at $67,780,003 over the last 90 days. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AbbVie

Several institutional investors and hedge funds have recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC acquired a new position in shares of AbbVie in the fourth quarter valued at about $26,000. IFS Advisors LLC acquired a new position in shares of AbbVie during the 1st quarter worth approximately $36,000. Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie during the 1st quarter worth approximately $37,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $33,000. Finally, Valued Wealth Advisors LLC boosted its stake in shares of AbbVie by 111.1% in the first quarter. Valued Wealth Advisors LLC now owns 228 shares of the company's stock valued at $42,000 after buying an additional 120 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.